State Codes and Statutes
Statutes > Maryland > Commercial-law > Title-11 > Subtitle-8 > 11-803§ 11-803. Consignee holding possessory document considered owner of goods.
(a) Consignee considered owner.- Except as provided by subsection (b) of this section, a consignee entrusted with and in possession of a possessory document is considered the true owner of the goods described in the document for the purpose of any contract with a third person for:
(1) The sale or disposal of the goods; or
(2) The pledge or deposit of them as security for any money or negotiable instrument advanced or given on the faith of the possessory document.
(b) Exception.- A contract, pledge, or deposit described in subsection (a) of this section is not valid if the third person has notice that the consignee is not the true owner of the goods.
[An. Code 1957, art. 2, § 3; 1975, ch. 49, § 3.]
